China's Vice-Premier Outlines Industrial Policy Roadmap

China's Vice-Premier has laid out a road map for the country's industrial policy, emphasizing the need for government planning, innovation, and an open ecosystem. The government aims to develop new productive forces and maintain its global position amidst fierce competition and US suppression.

The third plenum decision document highlights the importance of balancing government intervention and market forces, addressing market failures, and lifting restrictions. Justin Lin Yifu, an influential economist, supports industrial policy as a tool for economic development and believes China can avoid the path of Japan's economic stagnation.

The government is also taking steps to protect and support private enterprises, establish a unified national market, and implement fiscal and hukou reforms. Despite challenges such as technology containment from the US, China is focused on maintaining economic growth and promoting self-reliance.